关于报告的所有内容，请于公众『市场分析报告』阅读原文 《有色金属强势反弹，这八大龙头公司名单值得关注》 2025年8月中下旬，有色金属板块迎来阶段性行情，申万有色金属指数近两周上涨8.59%，位居31个一级行业涨幅 前五。美联储9月降息预期强化，美元回落，带动金属金融属性溢价提升，资金持续流入ETF和龙头标的。市场 结构分化明显，小金属、贵金属、新材料等方向表现突出，稀土、铜、铝等主线受资金追捧。近两周，小金属指 数上涨23.81%，金属新材料7.69%，贵金属6.76%，工业金属5.71%，能源金属4.41%，细分赛道轮动活跃。 目录 | 1.行情回顾(2025.8.18-2025.8.29) 2 责全局 | | --- | | 3.工业金属 . | | 4.小金属 | | 5. 稀土 ………………………………………………………………………………………………………………………………………………………………………………………… 10 | | 6.能源企属 . | | 7.重大事件 ………………………………………………………………………………………………………………………………………… 13 | | 7.1 行 ...

Group 1 - The core viewpoint is that the A-share market for non-ferrous metals continues to rise, with significant gains in silver and gold stocks [1][2] - Silver and gold prices are strengthening, with spot gold prices surpassing $3,500 per ounce, marking a historical high and a year-to-date increase of over 33% [2][3] - Analysts indicate that macroeconomic and geopolitical factors are favoring precious metals, including India's sale of U.S. government bonds and increased gold reserves, as well as ongoing geopolitical tensions [3] Group 2 - Specific stock performances include: - Baiyin Nonferrous (601212) up 10.08% with a market cap of 31.5 billion and a year-to-date increase of 53.24% - Western Gold (601069) up 10.00% with a market cap of 22 billion and a year-to-date increase of 111.04% - Zhuhai Group (600961) up 8.82% with a market cap of 16.7 billion and a year-to-date increase of 97.46% - Hunan Silver (002716) up 7.59% with a market cap of 18.4 billion and a year-to-date increase of 92.33% [2]

从细分方向来看，黄金、铜、铝、稀土等方向均有利好催化： 放眼国际，COMEX黄金日线6连阳，继续刷新历史新高（3578.4美元/盎司）！聚焦A股，今日（9月2 日），揽尽有色金属行业龙头的有色龙头ETF（159876）随市回调，场内价格现跌0．76%，资金逆行 加仓，该ETF获资金实时净申购2820万份！ 深交所数据显示，有色龙头ETF（159876）昨日获资金净流入3810万元，反映资金看好板块后市，逐步 进场布局！ 成份股方面，白银有色、西部黄金涨停！金钼股份涨超6%，天山铝业涨逾5%，中国黄金涨超4%，兴业 银锡、中金黄金等个股跟涨。 图：中证有色金属指数涨幅前 10 大成份股（ 9 月 2 日截至 10 ： 00 ） 1、黄金方面，华泰证券研报表示，美联储降息有望驱动美实际利率下行，或将驱动资金流入，对黄金 是利好。中长期除非美国恢复高增长低通胀并行的经济预期，并能有效降低赤字率，否则以央行为代表 的买家或延续当前购金策略，黄金的上涨趋势或持续。典型黄金公司当前估值及筹码结构均较优，且未 来有望显著受益于金价上涨和产量增加。 2、铜方面，华西证券表示，宏观层面财政货币双宽松基调依旧，9月降息预期激增， ...

来源：市场资讯 （来源：ETF全知道） 今日（9月1日）揽尽有色金属行业龙头的有色龙头ETF（159876）早盘活跃，场内价格现涨2.11%，值 得关注的是，$有色龙头ETF(159876)获资金实时净申购3060万份！深交所数据显示，该ETF近5日累计 获资金净流入2840万元，近10日吸金4096万元，反映资金看好板块后市，逐步进场布局！ 分析人士表示，以上消息显著增强了黄金作为避险资产的吸引力，美联储降息预期和机构看涨报告可能 驱动资金持续流入黄金概念股，支撑板块表现。 美联储降息如何推高有色金属价格？业内人士指出，3句话可以简单理解： 1、美联储降息相当于放水，货币贬值，钱不值钱，投资者倾向持有更保值的实物资产。 成份股方面，金钼股份、西部黄金、白银有色涨停！华钰矿业涨超8%，湖南黄金涨近8%，兴业银锡、 中金黄金等个股大幅跟涨！ 消息面上，COMEX黄金价格继续上探历史新高（3542.8美元/盎司）。黄金为何大涨？重点关注三方面 因素： ①美联储独立性存疑引发避险买盘，美国总统特朗普免职美联储理事丽莎·库克引发市场担忧； ②美联储降息预期升温，交易员预计9月降息概率超过80%，利率下降削弱美元支撑； ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 31 年 月 日 兴业银锡（000426.SZ） 短期因素干扰业绩释放，银锡龙头成长可期 事件：公司发布 2025 年半年度报告。上半年实现营收 24.73 亿元，同比 +12.50%，归母净利润 7.96 亿元，同比-9.93%，扣非归母净利润 8.01 亿 元，同比-10.42%，Q2 单季度实现营业收入 13.24 亿，同比-7.7%，环比 +15.2%，归母净利润 4.21 亿，同比-35.6%，环比+12.5%，扣非归母净 利润 4.27 亿，同比-35.9%，环比+14.0%。 矿产锡、矿产银营业收入合计占比达 65.6%。上半年实现矿产锡收入 7.62 亿元，占比 30.81%；矿产银 8.61 亿元，占比 34.80%；矿产锌 4.78 亿 元，占比 19.32%；矿产铅 1.27 亿元，占比 5.12%；矿产铁 0.83 亿元， 占比 3.34%；矿产锑 0.72 亿元，占比 2.90%；矿产铜 0.50 亿元，占比 2.01%；矿产金 0.16 亿元，占比 0.66%。 矿产锡、矿产银毛利合计占比达 70.5%。上半年 ...

证券之星消息，8月29日工业金属板块较上一交易日上涨2.15%，江西铜业领涨。当日上证指数报收于 3857.93，上涨0.37%。深证成指报收于12696.15，上涨0.99%。工业金属板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600362 | 江西铜业 | 27.90 | 6.98% | 81.14万 | | 22.45 Z | | 002379 | 宏创控股 | 18.43 | 6.04% | 29.63万 | | · 5.36亿 | | 000426 | 兴银锡 | 21.33 | 4.87% | 69.84万 | | 14.67亿 | | 603993 | 洛阳镇外 | 12.36 | 4.22% | 255.28万 | | 31.18亿 | | 000807 | 云铝股份 | 19.39 | 4.19% | 58.67万 | | 11.19亿 | | 603979 | 金诚信 | 63.75 | 4.18% | 11.48万 | | 7.26 ...

Group 1: Zhujiang Beer (002461.SZ) - Zhujiang Beer is the leading regional beer brand in Guangdong Province, with a strong market foundation and high consumer recognition. The flagship product, 97 Pure Draft, is leading product upgrades and capturing market share from competitors [6][7]. - The company has experienced continuous revenue and profit growth, with a CAGR of 7.8% in revenue and 9.2% in net profit from 2020 to 2024. The proportion of high-end products has increased significantly from 49.1% in 2019 to 70.8% in 2024 [6][7]. - The new management team, including a newly appointed chairman and general manager, is expected to drive further growth and innovation. The company has a solid reserve of high-end products and aims to expand its market presence outside Guangdong [7]. Group 2: Hanshuo Technology (301275.SZ) - Hanshuo Technology's revenue for the first half of 2025 was 1.974 billion yuan, a year-on-year decrease of 7%, with a net profit of 222 million yuan, down 42% year-on-year. The company is focusing on the North American market, which shows significant growth potential [16][17]. - The global demand for retail digitalization continues to grow, with electronic shelf label (ESL) module shipments reaching 248 million units in the first half of 2025, a 56% increase year-on-year. The demand from major retailers like Walmart is expected to drive further digital upgrades in the retail sector [16][17]. - The company has established a comprehensive business system centered on electronic shelf label systems and SaaS cloud platform services, with international operations in over 70 countries [17]. Group 3: Guoci Materials (300285.SZ) - Guoci Materials reported a revenue of 2.154 billion yuan in the first half of 2025, a year-on-year increase of 10.29%, with a net profit of 332 million yuan, up 0.38% year-on-year. The company is experiencing growth in electronic materials and new energy materials [18][19]. - The company’s six major business segments are developing synergistically, with a projected net profit of 774 million yuan, 886 million yuan, and 1.058 billion yuan for 2025-2027, respectively [19][20]. - The company is focusing on strategic investments and acquisitions to enhance its capabilities in clinical materials and digital equipment, particularly in the biomedical materials sector [20]. Group 4: Yuhua Software (300339.SZ) - Yuhua Software achieved a revenue of 1.747 billion yuan in the first half of 2025, a year-on-year increase of 10.55%, while the net profit decreased by 29.43% to 60 million yuan. The company is actively promoting its innovative business [22][23]. - The company’s gross margin was 23.72%, down 2.36 percentage points year-on-year, but it has optimized its expense ratios, leading to improved operational efficiency [23][24]. - The revenue from innovative business segments reached approximately 368 million yuan, accounting for 21.07% of total revenue, indicating a growing contribution from new business areas [24]. Group 5: New Dairy Industry (002946.SZ) - New Dairy Industry reported a revenue of 5.526 billion yuan in the first half of 2025, with a net profit of 397 million yuan, reflecting a year-on-year increase of 33.8%. The company’s low-temperature strategy is showing significant results [48][49]. - The direct-to-consumer (DTC) model has driven growth, with revenue from this channel increasing by 23% to 3.39 billion yuan, representing 66.3% of total revenue [48][49]. - The company is focusing on core markets and has achieved stable growth in key regions, with a notable increase in high-end fresh milk sales [48][49].

公司点评 | 兴业银锡 短期扰动影响利润释放，不改长期向好趋势 兴业银锡（000426.SZ）2025 年半年报业绩点评 事件：公司发布 25 年半年报，25H1 公司实现营收 24.73 亿元，同比+12.5%； 归母净利润 7.96 亿元，同比-9.9%；其中 Q2 公司实现营收 13.24 亿元，同 比-7.7%，环比+15.2%；归母净利润 4.21 亿元，同比-35.6%，环比+12.5%。 由于部分矿山安全生产事故、施工建设等因素影响， 25H1 公司利润释放不 足。25H1 公司归母净利同比减少主要原因系：1）银漫：由于"3.9"事故， 采区停产使得无法进行均衡配矿，致使锡、银入选品位下降。25H1 银漫净 利润 6.71 亿元，同比-5.45%；2）宇邦：主要系施工建设影响，产能未充 分释放及加工原矿品位偏低。25H1 宇邦净利润-0.12 亿元；3）融冠：主要 系报告期内开采的矿房不可剔除夹石增加，成本提升。同时铁精粉产品平均 售价同比下降 10.69%；4）乾金达：主要系选矿厂破碎设备返厂家维修影响 生产；同时，为生产接续施工了三期准备工程等，致使掘进量增加，生产成 本上升。25H1 乾金 ...

盈利预测：我们预计2025-2027 年公司EPS 分别为1.08、1.39、1.64 元，PE 分别为19、15、12 倍，维 持"买入"评级。 风险提示：项目进度及产能释放不及预期风险、金属价格变化不及预期、债务重整计划不及预期拖累公 司经营。 展望未来：我们预期银漫二期+宇邦+大西洋锡业等有望打开公司成长空间。 虽然由于部分短期因素影响，25H1 产量释放不及预期，其中银锡产量分别为131.32/3589.82 吨，同比 +4.57%/-20.64%，锌/铅/铜/锑产量为 3.0 万吨/0.9 万吨/960.74 吨/968.69 吨, 同比 +6.42%/-1.09%/-44.22%/+4.72%。但展望未来，2025 年 1 月，公司子公司银漫矿业 297 万吨扩建工程项 目已取得立项批复，项目建设规模由165 万吨/年扩建为 297 万吨/年。此外公司也以自有资金及自筹资 金人民币 23.88 亿元收购宇邦矿业85%股权，未来仍具有明显成长潜力。2025 年8 月，公司成功收购大 西洋锡业96.04%股权，后续将对ATL 剩余股权发起强制收购，最终达到100%持股ATL。 事件：公司发布25 年半 ...

人民财讯8月28日电，兴业银锡（000426）8月28日在互动平台表示，银漫矿业和宇邦矿业扩建项目，目 前均在办理开工前相关审批手续。 ...